31. Explain various short-run cost curves. What is the relationship between the average andmarginal cost?32. What is means by market in Economics? Explain the main features of the market.33. What is market? What are the different types of market?34. Explain why the marginal cost curve of a firm must cut the marginal revenue from below for the establishment of equilibrium ?35. Explain and illustrate the conditions for the establishment of a firm equilibrium underperfect competition.36. Why do we study perfect competition when it is not found in real world?37. What is monopolistic competition? How does it differ from perfect competition?38. 'In a perfectly competitive equilibrium, the price of a commodity is equal to the marginaland average costs of production". Explain. 39. How is price determined under monopoly? Is monopoly price always higher thancompetitive price?40. How is price and output determined under imperfect competition?curveUNIT – IV: THEORY OF FACTOR PRICING41. "Factor pricing is only a special case of commodity pricing". Discuss.42. How would you explain factor pricing in terms of the marginal productivity theory underconditions of perfect competition?43. What is the marginal productivity theory of wages?44. Discuss the modern theory of factor pricing.45. Explain the marginal productivity theory of distribution and compare it with the moderntheory of distribution.3
46. Explain the Ricardian theory of Rent and discuss the modifications made in the theory bymodern economics.47. State and explain the modern theory of rent. Does rent according to this theory enter intoprice?48. What is modern theory of rent? How for is it an improvement upon the Ricardian theory ofRent?49. Marshall's concept of quasi-rent is an extension of the Ricardian rent theory to inputs otherthan land". Explain.50. Critically discuss the marginal productivity theory of wages. Does this theory satisfactorilyexplain charges in the wage rate?
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- Fall '19